1031.Exchange INTELLIGENCE NETWORK
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PROFESSIONAL ROLES

Real estate attorney

Also called: closing attorney · transaction counsel

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PLAIN-ENGLISH DEFINITION

An attorney handling real-estate contracts, title, closing, entity and property-law matters.

What it means in practice.

The role varies by state and transaction. In an exchange, counsel should coordinate contract language and closing mechanics with the QI and tax team.

Why it matters.

Real-estate legal work and federal tax opinions should be assigned to the professionals qualified for each issue.

Additional notes.

The role varies by state and transaction. In an exchange, counsel should coordinate contract language and closing mechanics with the QI and tax team.

CONNECTED LANGUAGE

Related definitions.

Transaction & ClosingPurchase and sale agreementThe definitive contract governing a real-estate purchase and sale.Transaction & ClosingTitleThe legal ownership interest in real property and the rights associated with it.Core 1031Qualified intermediaryA commonly used independent facilitator that enters into an exchange agreement and helps structure transfers so the taxpayer does not simply receive the exchange proceeds.
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